Data-driven intelligence is the essence for both intelligent manufacturing and Industrial Internet. The integration of intelligent manufacturing and Industrial Internet can promote the transformation and upgrades of key areas of traditional industries and enhance research support for basic capabilities such as chips, basic software, algorithms, and mechanism models. This study analyzes the macro-demands for the integration in China, elucidates the development status and trends of intelligent manufacturing and Industrial Internet industries, and elaborates the opportunities and challenges for the integration. On the whole, we suggest developing emerging areas of the Industrial Internet industry, focusing on the key upstream links in intelligent manufacturing, and catching up with international advanced levels in traditional fields. Specifically for the Industrial Internet industry and its integration with manufacturing, China should make breakthroughs in the core areas, seizing opportunities to develop the emerging areas, and strengthening its efforts in the uncompetitive areas. Moreover, an industrial ecosystem with full participation of all entities should be established, talent training be strengthened, and commercial transformation of technological breakthroughs be accelerated, so as to support the rapid and healthy development of China’s intelligent manufacturing and Industrial Internet industries and provide basic guarantees for industrial transformation and upgrades.